Will Belarus be the first country to use nuclear power for bitcoin mining?

Will Belarus be the first country to use nuclear power for bitcoin mining?

Translator: Play the coin family ElaineHu

In the long bear market of the past year, cryptocurrency mining has lost some of its profitability. However, not all investors are short-sighted. For example, Belarus did not abandon its intention to develop the digital economy, which is part of the digital economy. Minsk (the capital of Belarus) believes that it has sufficient resources and will soon have enough cheap energy to power new mining equipment and profit from bitcoin mining.

Lukashenko plans to build a mine in Belarus

At a recent meeting with representatives of the IT industry, Belarusian President Alexander Lukashenko reiterated his government's willingness to protect and promote the country's digital industry and ensured that there are sufficient resources to do so. He told participants in the High-Tech Park (HTP) that Belarus will soon have excess power that can be used to power the new cryptocurrency mine.

The country’s leaders refer to a new nuclear power plant (NPP) that Belarus is currently building in the Astravyets area of ​​the Grodno area, close to the Lithuanian border. The new nuclear power plant will have two nuclear reactors. The first unit is scheduled to be operational by the end of this year and the second unit will begin generating electricity in the summer of 2020. The total power generation capacity of the new nuclear power plant will be around 2,400 megawatts. Lukashenko further commented that:

"We will build an atomic energy station, there will be excess energy. I have reserved some space there – we plan to build a mine for mining bitcoin and sales. They say that if you have bitcoin, sell bitcoin. Not a problem, right?"

The President of Belarus stressed that he is behind the scenes of the creation of a special economic zone project and promised to continue to support the project. The Belta news agency quoted him as saying, "We will move in the same direction. You want to encrypt currencies, cryptocurrency exchanges, mines, etc… We will continue along this path together. ".

Belarus, which is crypto-friendly, is continuing to explore developments in this area.

Alexander Lukashenko said in a conversation with a young Belarusian IT expert he called "My Child": "We have been with you for this class, we will not swing around. If you need anything, even tell me, we will Solve any problems." The Belarusian leader promised that the country will continue to support the country's digital economy and stressed: "We will do this. This is my responsibility, I will help you as much as possible."

Belarus is a member of the former Soviet Union and a close ally of Russia. It is often criticized for its dictatorship. Last year, Belarus legalized encryption-related activities within HTP. On March 28, 2018, the "Presidential Decree No. 8 on the Development of the Digital Economy" came into effect. Prior to January 1, 2023, it introduced tax incentives and other incentives for encryption companies. In order to promote its implementation, the Minsk government adopted new cryptographic accounting standards and later expanded the regulatory framework.

This crypto-money-friendly policy is part of a country's efforts to become a global IT center, attracting businesses and entrepreneurs from around the world in a friendly environment. The Belarusian high-tech park was established as the country's Silicon Valley. There are now hundreds of residents, including representatives in the field of cryptocurrency. For example, an exchange licensed under the Digital Economy Act began trading encrypted assets in January of this year. Other companies are developing blockchain, payment and mining solutions.